Edible Garden raises $12M via secured notes from Streeterville Capital, 18-month maturity

Edible Garden AG Inc

Issued A-1 Note of $2.17M (8% interest, $160K OID) and Secured B Note of $10M (5% interest).
Purchase price of $12M; notes secured by deposit account, pledge of EDBL Holdings equity, and subsidiary guaranty.
B Note proceeds held at Lakeside Bank under DACA; investor has monthly redemption rights after 6 months.
Company covenants restrict additional debt, variable-rate issuances, and liens; Permitted Project Financing exceptions apply.
Investor has right to exchange portions of B Note for additional A Notes under certain conditions.

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